First Close of INTERNOS Core European Balanced Open-Ended Fund
London, 04 May 2017 – INTERNOS Global Investors, the pan-European investment manager, today announces the first close of the Internos Core European (ICE) Balanced fund, having secured capital commitments of €135 million from six institutional clients of Townsend Group*, which include insurance companies and public and private sector pension funds based in Europe and Asia.
With a target gross asset value of €2 billion over five years, the fund‘s maiden acquisition is a €200 million investment in a seed portfolio comprising nine properties including seven office assets, one logistics asset and one mixed use asset. The properties are located in France (4), Italy (2), Germany (1), Spain (1) and the Netherlands (1).
An open-ended Special-AIF, ICE Balanced is targeting total returns of 8% using modest leverage by creating a portfolio of quality commercial real estate and property assets across the major metropolitan markets in Europe and the United Kingdom. The fund will invest predominantly in office, retail, logistics and industrial assets with up to 20% allocated to more specialist property asset classes.
Andrew Thornton, CEO of INTERNOS Global Investors, commented: “The launch of ICE Balanced marks a transformational moment for INTERNOS. Since our launch in 2008, we have built a high quality platform with strength and depth across Europe’s major geographical real estate markets in both traditional and specialist asset classes. We now have six funds actively investing across Europe.”
Giles Smith, Head of Fund Management at INTERNOS Global Investors, added: “We are leveraging our experience across markets and sectors to build a high quality portfolio of core assets capable of delivering attractive returns to long-term liability matching institutional investors. With our first acquisition complete, the team is now working on a pipeline of single asset and portfolio acquisitions, sourced according to the fundamentals of the assets, micro-locations and local occupier markets.”
Morgan Angus, Principal at The Townsend Group, commented: “We are excited to partner with such a high quality manager to continue Townsend’s track record of accessing core real estate markets in unique and innovative ways and look forward to helping Internos achieve its long term growth aspirations for the fund. We are pleased to provide our clients with this proprietary opportunity to access a strong portfolio of core real estate in Europe with fundamental value and without the extended drawdown periods that usually accompany such investments”
For further information, please contact:
INTERNOS Global Investors
Andrew Thornton, CEO
+44 20 7355 8800
+ 44 (0) 20 7920 3150
Jeremy Carey / James Verstringhe / Kirsty Allan
Notes to Editors:
Internos Global Investors (www.internosglobal.com)
INTERNOS Global Investors is a pan-European fund and asset-management platform, specialising in real estate authorised by the FCA in the UK, BaFin in Germany and the AMF in France. An owner-managed independent company, it develops strategic investment and management solutions for institutional investors in all property asset classes across Europe. In addition to its London headquarters, INTERNOS has offices in Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, Madrid and Milan. The company employs around 100 staff, manages more than 600 properties in a total of 8 countries and currently has 3.5 bn Euro of assets under management.
*The Townsend Group (http://www.townsendgroup.com)
The Townsend Group is a leading provider of global investment management solutions focused on real estate, infrastructure, timber and agriculture. With a culture based upon service and success measured by investment performance, Townsend’s clients include many of the world’s leading institutional investors. As of September 30, 2016, Townsend had assets under management of approximately $15.0 billion. As of September 30, 2016, Townsend provided advisory services to clients who had real estate/real asset allocations exceeding $173.1 billion.
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